Welcome to the first newsletter for 2019. Below you will find sales and leasing updates for retail buildings in Port Jefferson Village.
Updates in Port Jefferson Village Retail:
At the start of December, the Village launched a live camera feed with views of Harborfront Park. The camera feed, known as EarthCam, can be viewed 24/7. Port Jefferson is reportedly the first village in Suffolk County to have such a feed available to the public.
Free parking! Beginning December 3rd, parking in the Village is now free for visitors until March 14th. The free parking should entice more visitors to come to the Village and visit all of our lovely businesses.
Around mid-December, Port Jefferson Village reached a settlement in their tax lawsuit. The agreement entails a 50% reduction of the plant’s tax assessment over the next ten years. This deal was made in hopes of stabilizing the tax base for local property owners. Had the deal not been struck, property owners within the Town of Brookhaven would have owed up to $225 million in back-payments to LIPA.
Last quarter, I mentioned the new QwikRides service that recently became available in the Village. I am very excited to see how the addition of this new, and free, service entices more visitors to visit the Village in the coming winter months.
Port Jeff Commercial Real Estate Leasing:
In the fourth quarter of 2018 (Q4) there were four new leasable retail spaces brought to market. They range from $16.80 per square foot (PSF) to $34.52 PSF. Two of those spaces were added in the final month of the quarter.
In the 4th Quarter, 116 E. Main Street was leased to Hana Arai of Luna Nova boutique for $45.33 PSF.
Port Jeff Commercial Real Estate Outlook for Q1 2019–
The retail sector as a whole is seeing consistent growth. Just last month, Real Capital Analytics (RCA) released a report which notes that the retail sector, as of November 2018, has seen a 20% increase in deal volume compared to the November prior. I expect retail prices in the Village to remain strong through Q1 of this year, and I will remain on the lookout for any changing developments.
Please contact me with any questions about the above report or the real estate market in general.
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Naji Nizam is the “Port Jefferson Retail Expert.” He handles leasing and sales of retail, medical, and professional office space in Port Jefferson Village and throughout Suffolk County. He relies on his depth of market knowledge, responsiveness to inquiries, and professionalism to give his client’s an edge in this competitive market. Naji is active in community affairs and is in constant contact with local business owners and landlords.